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30th of December 2010
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News Tag: reform

October 25, 2010

Government plans to simplify pension system

by Kay Murchie
Government plans to simplify pension system
Business Secretary Vince Cable has today unveiled a proposed reform of Britain’s state pension system, with the introduction of one universal payment. This would replace the current system of earnings-related "top-up" payments, plus additional means-tested benefits. Costs relating to the proposed reform were not divulged but it is intended to reduce inequalities between men and women, while encouraging people to save for their ...




October 18, 2010

Survey finds half of public sector workers ‘prepared to strike’

by Kay Murchie
’Survey
A survey conducted by the Chartered Institute of Personnel and Development (CIPD) has revealed half of public sector workers would consider strike action in the event of pay cuts or changes to their pensions. The CIPD said 49% of workers surveyed agreed with the statement "workers have to do what's necessary to protect their jobs and if that ...




October 4, 2010

Think tank warns of fresh bank bailout

by Kay Murchie
”Think
According to the New Economics Foundation (NEF), banks could be forced to seek more support from the taxpayer next year, due to a £25 billion funding gap. The NEF has published a report on Britain's banks entitled "Where Did Our Money Go?" and the 88-page document suggests an urgent reform of the sector is required, including breaking up existing banks. A similar ...




Tougher laws required for industrial action

by Kay Murchie
”Tougher
Employers' group, the Confederation of British Industry (CBI), is calling on the Government to tighten laws to make it harder for workers to take strike action. Furthermore, Mayor of London Boris Johnson, is also calling for a reform of the law, suggesting the Government introduce legislation preventing action unless at least half of union members in a workplace participate in a ballot. The ...




July 20, 2010

Chancellor Osborne to unveil simpler tax system

by Kay Murchie
”Chancellor
Chancellor George Osborne will today reveal plans to simplify the UK tax system, in a bid to encourage investment and drive economic growth. Since coming to power, the coalition Government has argued that the UK tax system is too complicated and has been proposing to make it simpler. Mr Osborne is set to announce that the Government will establish an Office ...




July 7, 2010

Public sector pensions require radical reform, says report

by Kay Murchie
Public sector pensions require radical reform, says report
A report published by the independent Public Sector Pensions Commission is suggesting the Government needs to urgently review Britain’s public sector pension system. According to the report, a radical reform is needed as public sector pensions cost double the amount previously thought. The report said State pensions are “unreasonably forced on to future taxpayers” with Britain’s 30.6 million taxpayers forced to ...




June 30, 2010

US Republicans object to tax on financial institutions

by Kay Murchie
US Republicans object to tax on financial institutions
US Democrats have been forced to revise their reform of the US financial sector after some Republicans are not in full support of a controversial tax on financial institutions. The reforms will impose strict limits on banks' ability to take risky speculative bets on markets and were added during a 19-hour negotiating session by House and Senate legislators late last ...




June 28, 2010

Government proposes radical reform to benefits system

by Kay Murchie
”Government
As it continues with its priority of cutting Britain's budget deficit, the coalition Government has indicated that incapacity benefits will be targeted in a welfare crackdown. Chancellor George Osborne has already announced tough austerity measures to cut the £155 billion deficit but has now made it clear that sickness benefits will be targeted, as they cost £12.5 billion a year. Mr Osborne ...




June 18, 2010

World Bank urges flexible yuan

by Kay Murchie
World Bank urges flexible yuan
China is still under pressure to allow its currency, the yuan, to find its own level, in order to ease inflation and to prevent the economy from overheating. The World Bank is now urging the Chinese Government to allow the yuan, which is also referred to as the renminbi, to strengthen against other international currencies. US legislators and trade groups have previously said ...




June 13, 2010

Think tank urges savings reform

by Kay Murchie
”Think
A report by the Centre for Policy Studies think-tank has said the UK's savings system needs to be reformed in order to encourage people to bank their money. According to the think tank, schemes need to be simplified if people are going to save as the current system is too complex with multiple tax regimes. The Centre for Policy Studies is suggesting ...




June 11, 2010

Chinese inflation exceeds Government target

by Kay Murchie
Chinese inflation exceeds Government target
Chinese inflation continued to increase last month on the back of rising house and food prices. According to China’s statistics bureau, consumer prices in May were up 3.1% on an annual basis – up from April's rate of 2.8% and exceeding the Government's target of 3%. A spokesperson for the bureau admitted that the pressure on inflation was "rather big", but said prices ...




June 10, 2010

Report reveals 1m adults do not have bank account

by Kay Murchie
”Report
A report by the Government-backed watchdog, Consumer Focus, has found nearly a million adults in Britain do not have a bank account. The report, called “On the Margins“, comes as the Government introduces a reform of mainstream banking, and explores why these individuals do not have a basic bank account. The Focus group, which is made up of a merger ...




May 24, 2010

China commences talks with US over yuan policy

by Kay Murchie
China commences talks with US over yuan policy
Talks have commenced between China and the US today with the main issue to be the Chinese currency. Hillary Clinton is leading the US delegation as the US argues that China's currency policy unfairly favours its exporters. US legislators and trade groups say the yuan, which is also referred to as the renminbi, is kept up to 40% below ...




May 20, 2010

Coalition Government to crackdown on unfair bank charges

by Kay Murchie
”Coalition
The new coalition Government is to introduce measures that will see an end to "unfair" bank charges, as well as excessive interest rates on credit cards. The measures, part of new policies that are being introduced by the Con-Lib Government, comes after a legal battle between the banks and the Office of Fair Trading, which saw the Supreme Court rule ...




New Chancellor speaks at CBI’s annual dinner

by Kay Murchie
”New
New Chancellor George Osborne gave a speech to business leaders at the Confederation of British Industry’s (CBI) annual dinner last night and has outlined plans to reform corporation tax. He told business leaders that the new Government is committed to lower and simpler corporate tax rates. At the emergency Budget, on 22 June, Mr Osborne said he will set out a ...




April 14, 2010

China firm on keeping yuan stable

by Kay Murchie
’China
At the Nuclear Security Summit in Washington, Chinese President Hu Jintao told US President Barack Obama that China is committed to yuan reform but will not be pressurised into making changes to its currency peg. The Chinese President added that while Beijing is willing to make changes, it will do it on its own terms. Hu told Obama: "China will ...




March 29, 2010

Radical shake-up of UK banking system needed

by Kay Murchie
’Radical
MPs are calling for a radical reform of the UK banking system so that taxpayers are not footing the bill for future bail-outs. In its latest report into the banking crisis, published today, the Treasury Select Committee said taxpayers would not stand for another bail-out of the banks and is urging ministers not to rule out the break-up of too-big-to-fail ...




October 21, 2009

BoE Governor calls for banks to be split

by Kay Murchie
”BoE
Bank of England Governor, Mervyn King, warned last night that a major rethink of how banks are structured is required. Addressing Scottish business leaders in Edinburgh last night, Mr King’s comments came after it was announced that public finances suffered their worst six months on record between April and September. In his speech, Mr King said that Government support for the ...




October 7, 2009

Church opposes hedge fund reform

by David Masters
Church opposes hedge fund reform
The Church of England has spoken out in support of hedge funds and has expressed concern that EU proposals to tighten hedge fund regulation could damage its investments. The Church Commissioners, who manage the Church's £4.4 billion assets, said the European Union directive would limit their ability to make money for the Church. In a letter to the House of Lords, signed jointly with ...




June 18, 2009

BoE Governor presses Chancellor for major financial regulatory reform

by Kay Murchie
”BoE
Mervyn King, the Governor of the Bank of England, is calling for major regulatory reform, but Chancellor Alistair Darling said there are no plans to change the current financial regulatory system. The news comes as US President Barack Obama is proposing a major reform of banking regulation in order to prevent future meltdowns of the US banking system. Mr Obama ...




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